Minneapolis St. Paul has a diversified economic base. Principal manufacturing areas are electronics, milling, machinery, medical products, food processing, and graphic arts. Nineteen of the Fortune 500 largest U.S. corporations, 30 Fortune 1000 companies and several of the world's largest private companies are headquartered in the Twin Cities. United Health, Target and Best Buy are the largest in terms of revenue. General Mills, Cargill and 3M employ a large number of residents, while Target and Best Buy offer corporate positions in marketing, merchandising and retail management.
Integral to the local economy are high-technology industries. With the University of Minnesota and other colleges and technical schools providing applied research and well-trained scientists and engineers, one of the largest concentrations of high-technology firms in the nation. The job market features opportunities at life science, biotechnology and health technology companies such as Medtronic, Boston Scientific, Upsher-Smith and the National Bone Marrow Donor Program. Employers in the clean technology industry include M.A. Mortenson Construction, Xcel Energy and Andersen Corp.
Among the banks and other financial institutions that make the Twin Cities the financial center of the upper Midwest, seven of the largest are based in Minneapolis St. Paul. In addition, the headquarters of the Ninth Federal Reserve District Bank is located in the city. Local banks, savings and loan companies, venture capital concerns, and insurance companies play a major role in the economic development of the region.
According to the Bureau of Labor Statistics, the largest employment sectors in Minneapolis St. Paul in 2019 are as follows: Trade, transportation, and utilities (359,000), Education and health services (334,000), Professional and business services (325,000), Government (252,000), Leisure and hospitality (185,000) and Financial activities (150,000).
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